Almost 1,500 apparel retailers are experiencing “significant financial
distress” this Holiday season, compared to 666 businesses during the final
quarter of 2013, according to research by professional services group
Begbies Traynor.
Fashion retailers are worse off this Christmas
The report suggests retailers are considerably worse off this Christmas and
fashion retailers are among those hit hardest, with the number of
struggling businesses up 123 percent year-on-year.
Many have reported lower than expected profit forecasts following the mild
autumn, which left them with excess winter stock.
Julie Palmer, partner and retail expert at Begbies Traynor, told Drapers:
“Black Friday was lauded as the biggest day of retail sales this year, but
it seems the only real winners were the largest online retailers and big
brand high street chains with the biggest discounts and best online
offerings, such as Amazon and John Lewis.”
She said others were forced to slash prices and profit margins, but sales
volumes have failed to keep pace.
“No amount of last minute present buying will turn around the fortunes of
the general retailers before the sales frenzy starts on Boxing Day,” she
added.
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